C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, L hits Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows the amounts are rounded to thousands of dollars to simplify): ebook Credit Debit $ 6 2 2 10 Print $ 3 B References 3 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Tayable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common stock Retained tarning Service Revenge Depreciation Expense Mortiustion Expense Salaries and wagen Expense Supplies Expense Interest Expense Income Tax Expense Totals OOOOO 0 0 0 $20 320 Transactions during 2018 (summarized in thousands of dollars) follow Borrowed 513 cash on July 1, 2018, signing a six-month note payable . Purchased equipment for $16 cash on July 2, 2018 Issued additional shares of common stock for $6 on July 3 Diuren waren bil druh GE NA 1 100 points interest rayable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expenso Salarien and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals 0 0 0 eBook $28 $28 Print Transactions during 2018 (summarized in thousands of dollars) follow: References a. Borrowed $13 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $16 cash on July 2, 2018 c.Issued additional shares of common stock for $6 on July 3. d. Purchased software on July 4, $2 cash. e. Purchased supplies on July 5 on account for future use, $8. f. Recorded revenues on December 6 of $47, including $9 on credit and $38 received in cash. g. Recognized salaries and wages expense on December 7 of $21. paid in cash. h. Collected accounts receivable on December 8, $8. 1. Paid accounts payable on December 9, $9. Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $3. 1. Supplies of $2 were counted on December 31, 2018. m. Depreciation for 2018, $3. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet pad or recorded $4. p. Income tax expense for 2018 was $3 and will be paid in 2019, (Enter all of your answers in thousands of dollars. (le, $100,000 should be entered as $100).) (Enter all of your answers in thousands of dollars. (l.e., $100,000 should be entered as $100).) 0 pints eBook Statement of General General Income Retained Trial Balance Balance Sheet Anal Requirement Journal Ledger Statement Earnings Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted from the dra then populate the balances in those accounts from the trial balance. Post-closing NORTHLAND PHYSICAL THERAPY Income Statement For the Year Ended December 31, 2018 (in thousands) Print References 0 0 0 0 0 0 0 0 0 $ 0 Data for adjusting Journal entries on December 31: k. Amortization for 2018, $3. 1. Supplies of $2 were counted on December 31, 2018. m. Depreciation for 2018, $3. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2018 was $3 and will be paid in 2019. Book (Enter all of your answers in thousands of dollars. (l.e. $100,000 should be entered as $100).) Print ferences General Statement of Income General Requirement Thal Balance Journal Retained Balance Sheet Analysis Ledger Statement Earings Prepare the statement of retained earnings for the year ended December 31, 2018. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Earnings. Post-closing NORTHLAND PHYSICAL THERAPY Statement of Retained Earnings For the Year Ended December 31, 2018 (in thousands) Balance, January 1, 2018 0 Balance, December 31, 2018 (Enter all of your answers in thousands of dollars. (l... $100,000 should be entered as $100).) Requirement Genera General Statement of Income Journal Trial Balance Ledger Retained Analysis Statement Balance Sheet Earnings Use the dropdowns to select the accounts property included on the classified balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing NORTHLAND PHYSICAL THERAPY Balance Sheet Al December 31, 2018 On thout anda) Pint 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O 0 1 00 Joints k. Amortization for 2018, $3. Supplies of $2 were counted on December 31, 2018. m. Depreciation for 2018, $3. n. Accrued Interest of $1 on notes payable. a Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2018 was $3 and will be paid in 2019. Book (Enter all of your answers in thousands of dollars. (.e., $100,000 should be entered as $100).) Print General General Income Requirement Statement of Journal Tral Balance Ledger Statement Retained Balance Sheet Analysis Earnings Calculate the Net Pofit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint: Select Adjusted on the dropdown.) References Post-closing Dates: Jan 01, 2015 tot Dec 31, 2018 How much net income dd Northland Physical Theroy, Inc. onerate during 2018? What was not prontmargin? Not Income Net Proft Margin Is the company inced primary ty lub 100 of stockholders equity Vu le contratio? Current Ratio Balance Sheet